The old hotel closed in 2008 and since then has been designated as a fire and safety hazard by local authorities.
Paul Jacob, an experienced real estate manager and developer from Cincinnati, will serve as receiver and act on behalf of the court to see that the building is demolished. Jacob told the I-Team that he would like to begin demolition February 1st.
“It needs to be demolished. It’s one of the worst I’ve seen because of the length of time (that is has languished) and the safety concerns in there,” Jacob said.
Jacob’s appointment came after an hourlong hearing Friday. Dayton attorney Jonathan Hung represented the current owner of the building, Jamal Garmo, based in Southfield, Michigan. Hung expressed no objection to the appointment of the receiver or the demolition of the building. Garmo had tried to sell the building but found no takers. He currently owes more than $1 million in overdue property taxes on the building.
Developer Cory Heitz of Lexington, Kentucky, said he hopes to purchase the property and seek a new purpose for it. Heitz has already paid for work at the former hotel to prepare for demolition, including removal of tons of drywall and broken furniture.
“Once the building is down it’s a lot easier to visualize what could go in there. But when you bring in potential investors, the way it is now, it doesn’t get anyone excited,” Heitz said.
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